SGX Market Updates

2017 September Quarter Earnings Schedule for S-REITs


PUBLISHED ON |

17 October 2017

  • SPH REIT kicked off the September quarter financial reporting season for the 36 constituents of the SGX S-REIT Index, reporting its fiscal 4Q 2017 results. Soilbuild Business Space REIT and Keppel DC REIT have followed suit with their fiscal 3Q 2017 results.

  • The SGX S-REIT Index generated a total return of +21.2% in the year-to-date, outperforming the S&P Asia Pacific REIT Index and MSCI World REIT Index, which generated total returns of -0.7% and +1.5% respectively in SGD terms.

  • The 36 trusts averaged a year-to-date total return of +21.4%, while maintaining an average distribution yield of 6.4%. Of these 36 trusts, the five best performers in the year-to-date were Croesus Retail Trust (+50.5%), CDL Hospitality Trusts (+35.8%), Viva Industrial Trust (+33.1%), Sabana Shari’ah Compliant Industrial REIT (+31.3%) and CapitaLand Retail China Trust (+29.8%).




Last week, SPH REIT kicked off the September quarter financial reporting season for the 36 constituents of the SGX S-REIT Index, reporting its fiscal 4Q 2017 results. Since then, Soilbuild Business Space REIT and Keppel DC REIT have followed suit with their fiscal 3Q 2017 results.

The SGX S-REIT Index has 36 constituents, comprising 27 REITs, six stapled trusts and three property trusts, with a combined market capitalisation of S$79 billion.

The table below details the confirmed and estimated results release dates for the constituents of the SGX S-REIT Index. Click on each stock to visit its profile page on SGX StockFacts.

Name SGX Code Date Confirmed/ Estimated Period
SPH REIT SK6U 9/10/2017 Confirmed Y17
Soilbuild Business Space REIT SV3U 13/10/2017 Confirmed Q3 17
Keppel DC REIT AJBU 16/10/2017 Confirmed Q3 17
Keppel REIT K71U 17/10/2017 Confirmed Q3 17
ESR-REIT J91U 17/10/2017 Confirmed Q3 17
CapitaLand Commercial Trust C61U 20/10/2017 Confirmed Q3 17
Frasers Commercial Trust ND8U 20/10/2017 Confirmed Y 17
CapitaLand Mall Trust C38U 20/10/2017 Confirmed Q3 17
Mapletree Greater China Commercial Trust RW0U 20/10/2017 Confirmed Q2 18
Mapletree Logistics Trust M44U 23/10/2017 Confirmed Q2 18
CapitaLand Retail China Trust AU8U 23/10/2017 Confirmed Q3 17
Sabana Shari'ah Compliant Industrial REIT M1GU 23/10/2017 Confirmed Q3 17
First REIT AW9U 23/10/2017 Confirmed Q3 17
Ascott Residence Trust A68U 24/10/2017 Confirmed Q3 17
Mapletree Industrial Trust ME8U 24/10/2017 Confirmed Q2 18
Cache Logistics Trust K2LU 24/10/2017 Confirmed Q3 17
Frasers Centrepoint Trust J69U 25/10/2017 Confirmed Y 17
Mapletree Commercial Trust N2IU 25/10/2017 Confirmed Q2 18
Ascendas India Trust CY6U 25/10/2017 Confirmed Q2 18
CDL Hospitality Trusts J85 27/10/2017 Confirmed Q3 17
Suntec REIT T82U 27/10/2017 Confirmed Q3 17
Viva Industrial Trust T8B 27/10/2017 Confirmed Q3 17
Starhill Global REIT P40U 27/10/2017 Estimated Q1 18
Parkway Life REIT C2PU 27/10/2017 Estimated Q3 17
AIMS AMP Capital Industrial REIT O5RU 27/10/2017 Estimated Q2 18
Frasers Hospitality Trust ACV 27/10/2017 Confirmed Y 17
Ascendas REIT A17U 30/10/2017 Confirmed Q2 18
OUE Hospitality Trust SK7 31/10/2017 Estimated Q3 17
Frasers Logistics & Industrial Trust BUOU 2/11/2017 Confirmed Y 17
Far East Hospitality Trust Q5T 2/11/2017 Confirmed Q3 17
Manulife US REIT BTOU 7/11/2017 Estimated Q3 17
RHT Health Trust RF1U 9/11/2017 Estimated Q2 18
Ascendas Hospitality Trust Q1P 9/11/2017 Estimated Q2 18
Lippo Malls Indonesia Retail Trust D5IU 10/11/2017 Estimated Q3 17
Croesus Retail Trust* S6NU 10/11/2017 Estimated Q1 18
IREIT Global UD1U 14/11/2017 Estimated Q3 17

Source: Bloomberg & SGX (data as of 16 October 2017)

* Croesus Retail Trust requested for suspension on 11 October 2017. For more information click here.



The SGX S-REIT Index generated a total return of +21.2% in the year-to-date, outperforming the S&P Asia Pacific REIT Index and MSCI World REIT Index, which generated total returns of -0.7% and +1.5% respectively in SGD terms.

The 36 trusts averaged a year-to-date total return of +21.4%, while maintaining an average distribution yield of 6.4%. Of these 36 trusts, the five best performers in the year-to-date were Croesus Retail Trust (+50.5%), CDL Hospitality Trusts (+35.8%), Viva Industrial Trust (+33.1%), Sabana Shari’ah Compliant Industrial REIT (+31.3%) and CapitaLand Retail China Trust (+29.8%).

In terms of valuation, these trusts had a median price-to-earnings (P/E) ratio of 17.0x and a median price-to-book (P/B) ratio of 1.1x. Their average return on equity (ROE) was 6.6%, and the average gearing ratio for these trusts stood at 34.7%.

The table below details the constituents of the SGX S-REIT Index, sorted by market capitalisation. Click on each stock to visit its profile page on SGX StockFacts.

Name SGX
Code
Market Cap
S$m
Total Return
YTD %
ROE
%
P/E
(x)
P/B
(x)
Gearing Ratio
%
Dvd Ind Yld
%
Ascendas REIT A17U 7,936 25.0 8.0 17.6 1.3 33.4 6.5
CapitaLand Mall Trust C38U 7,304 14.0 9.0 12.0 1.1 31.8 5.4
CapitaLand Commercial Trust C61U 5,290 22.6 9.5 10.0 0.9 32.7 5.6
Suntec REIT T82U 5,060 20.7 4.6 19.4 0.9 36.4 5.3
Mapletree Commercial Trust N2IU 4,460 16.0 10.9 12.0 1.1 36.4 5.7
Keppel REIT K71U 3,976 21.0 3.5 22.0 0.8 32.9 5.0
Mapletree Logistics Trust M44U 3,755 29.2 8.0 15.4 1.2 38.4 6.1
Mapletree Industrial Trust ME8U 3,398 20.3 10.9 12.4 1.3 29.1 6.1
Mapletree Greater China Commercial Trust RW0U 3,346 29.7 11.1 8.8 1.0 39.2 6.2
Ascott Residence Trust A68U 2,588 18.8 6.0 17.5 1.0 38.9 6.4
SPH REIT SK6U 2,582 12.4 6.5 16.4 1.1 25.3 5.5
Frasers Centrepoint Trust J69U 2,020 20.3 7.1 16.1 1.1 28.3 5.4
CDL Hospitality Trusts J85 1,965 35.8 2.6 41.2 1.1 36.6 5.9
Starhill Global REIT P40U 1,712 11.3 5.5 17.1 0.9 35.2 6.3
Frasers Logistics & Industrial Trust BUOU 1,685 26.9 N/A N/A 1.2 27.8 6.9
Parkway Life REIT C2PU 1,658 20.6 9.5 17.0 1.6 36.2 4.6
Keppel DC REIT AJBU 1,522 19.9 6.2 25.6 1.4 29.7 4.8
CapitaLand Retail China Trust AU8U 1,502 29.8 7.6 13.9 1.1 35.1 6.1
OUE Hospitality Trust SK7 1,443 27.9 1.7 62.0 1.1 37.8 6.4
Frasers Hospitality Trust ACV 1,421 22.7 6.2 17.2 1.0 37.5 6.3
Far East Hospitality Trust Q5T 1,297 22.5 1.8 40.9 0.8 33.1 5.9
Lippo Malls Indonesia Retail Trust D5IU 1,228 25.3 3.7 36.3 1.2 31.1 8.1
Frasers Commercial Trust ND8U 1,128 17.4 6.0 15.2 0.9 35.9 7.1
First REIT AW9U 1,062 13.2 5.4 23.9 1.4 30.8 6.3
Ascendas India Trust CY6U 1,051 13.7 21.5 7.2 1.4 28.1 5.1
Ascendas Hospitality Trust Q1P 970 26.8 5.2 19.2 1.0 32.2 6.6
Manulife US REIT** BTOU 960 18.3 10.0 11.7 1.1 33.6 7.3
AIMS AMP Capital Industrial REIT O5RU 922 16.5 1.1 88.9 1.0 36.0 7.5
Viva Industrial Trust T8B 922 33.1 7.6 15.7 1.2 36.8 7.7
Croesus Retail Trust* S6NU 899 50.5 13.5 N/A N/A 44.6 6.6
Cache Logistics Trust K2LU 890 14.1 -3.7 N/A 1.1 42.8 8.7
ESR-REIT J91U 759 13.1 0.6 149.9 0.9 37.3 6.8
Soilbuild Business Space REIT SV3U 740 17.8 0.3 359.7 1.0 37.0 8.4
RHT Health Trust RF1U 691 -4.1 19.3 5.5 1.0 26.0 7.0
Sabana Shari'ah Compliant Industrial REIT M1GU 495 31.3 -6.6 N/A 0.8 42.8 8.0
IREIT Global UD1U 481 16.6 9.3 12.4 1.2 41.4 8.0
Average 21.4 6.6 36.3 1.1 34.7 6.4
Median 20.4 6.2 17.0 1.1 35.6 6.3

Source: Bloomberg & SGX StockFacts (data as of 16 October 2017)

* Croesus Retail Trust requested for suspension on 11 October 2017. For more information click here.
** Manulife US REIT is traded in USD however SGD equivalents are shown in table. Market Capitalisation calculation of Manulife US REIT includes Rights units, according to Bloomberg.



REITs raise capital to purchase primarily real estate assets, usually with a view to generate income for unit holders of the fund. They allow individual investors to access real property assets and share the benefits and risks of owning a portfolio of properties, which typically distribute income at regular intervals.







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